Pipeline tycoon Kelcy Warren keeps trying to add to his empire. His pipeline company Energy Transfer Equity, which he cofounded with fellow billionaire Ray C. Davis in 1995, made three big deals in 2012. It bought Susser convenience stores for $1.8 billion, Southern Union pipeline company for $5 billion and Sunoco gas stations for $5.3 billion. But his efforts to take over Houston energy company Targa

Resources for $15 billion fell through in June 2014. Energy Transfer Equity is organized as a Master Limited Partnership, or MLP, which means it pays no federal income tax as long as it pays out most of its cash to shareholders, motivating it to keep buying since investors expect ever-higher dividends. A music fan, Warren produces albums for singer-songwriters at his Austin, Texas studio, Music Road Records.

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